You can buy a new car for $22,000 (including taxes), and your after tax cost of borrowing is 9.0% APR (Compounded Monthly). Alternatively, you can lease the car for 36 months for $700 at signing, then $384 per month (including taxes). The lease has a residual value of $10,000 (including taxes). Your plan is to have the car for 5 years total, and then sell it for an estimated $7000. a) For the purposes of evaluating whether it is better to buy or lease, what is the present value o buying? b) For the purposes of evaluating whether it is better to buy or lease, what is the present value o leasing? c) Should you buy the car, or lease it?